Newmont Taps Former Hess Director As CFO On Heels Of $19B Newcrest Acquisition

Newmont Corp NEM appointed Karyn Ovelman Executive Vice President and CFO.

• Ovelman, who joined the company in the second quarter of 2023, has previously worked as CFO in several major resource and energy companies, including Flowserve Corp FLS and LyondellBasell Industries NV LYB.
• Ovelman has also been on the Board of Director at Hess Corp HESS and ArcelorMittal SA MT.
• "Karyn brings a breadth of global experience operating in complex financial environments and has proven leadership and commercial capabilities to enable success during periods of transformation. Karyn is uniquely qualified to ensure our financial approach underpins the safe delivery of long term value to all our stakeholders through sustainable and responsible mining." stated Tom Palmer, President and CEO. 
• The decision came after the announcement of Newmont's acquisition of Newcrest Mining Limited NCMGY in the largest-ever gold industry deal.
• Upon transaction closure in Q4 2023, Newmont expects to garner annual pre-tax synergies of $500 million within the first 24 months of the takeover.

Price Action: NEM shares are trading higher by 0.42% at $43.45 premarket on last check Friday.